In a bold move to provide institutional and corporate investors with easier access to XRP, a new entity called Evernorth is positioning itself as the largest publicly traded holder of the digital asset. By leveraging a SPAC merger and a targeted fundraising effort, Evernorth plans to create a significant XRP treasury accessible through stock investments, bypassing the complexities of handling the token directly. This development could mark a notable shift in how companies and investors engage with the Ripple ecosystem and the broader crypto markets.
Key Takeaways
- •Evernorth aims to raise over $1 billion through a SPAC merger to build a large XRP treasury, offering stocks as a simplified exposure method.
- •The company plans to go public on Nasdaq under the ticker XRPN, potentially by Q1 2026, with backing from major crypto and institutional investors.
- •Unlike ETFs, Evernorth will actively manage its XRP holdings, employing strategies like institutional lending and liquidity provision to increase “XRP per share.”
- •The initiative offers a streamlined way for corporate treasuries to gain crypto exposure, avoiding the technical and regulatory burdens of direct holdings.
- •Market impact depends on the scale of purchases, expected liquidity, and institutional demand for XRP-related investment vehicles.
Deal Basics: Who’s Involved, and What’s Being Built?
Evernorth is a newly formed “digital asset treasury” aiming to amass a substantial XRP reserve, providing a new investment avenue for institutional and corporate investors. Rather than direct token holding, it intends to list a publicly traded stock that offers XRP exposure via a company balance sheet.
To accelerate its listing, Evernorth is merging with Armada Acquisition Corp. II, a SPAC that facilitates private firms’ transition to the public markets. Pending shareholder and regulatory approval, the combined entity plans to trade on Nasdaq in Q1 2026 under the ticker XRPN.
The target raise exceeds $1 billion, with most allocated for open-market XRP purchases, and a smaller portion for operational costs. Major backers include SBI Holdings, Ripple, Rippleworks, Pantera Capital, Kraken, and GSR, all contributing to building one of the largest XRP treasuries in the public sphere.
Led by Asheesh Birla, a seasoned Ripple executive stepping down from Ripple’s board to serve as CEO, Evernorth signals its intent to operate independently while maintaining strategic support from Ripple.
If successful, Evernorth aims to become the largest publicly traded XRP holder, offering a convenient way for investors to gain exposure without managing crypto wallets or custody directly.
Structure vs. ETF: How the Wrapper Works
Evernorth is not launching a spot ETF but a publicly traded company that actively manages a large XRP position on its corporate balance sheet.
Investors will purchase shares of Evernorth, and the proceeds will fund direct XRP acquisitions. Unlike ETFs, which passively track an asset’s price, Evernorth intends to actively grow its XRP holdings by leveraging treasury strategies such as institutional lending, liquidity provisioning, and DeFi yield generation, all within transparent risk controls.
This approach offers transparency through public-company reporting and audited disclosures, while avoiding the complexities of custody and wallet management associated with direct XRP holdings.
Returns may vary from spot XRP due to strategy choices and market conditions, providing potential for additional value creation.
Did you know? Ripple’s planned acquisition of prime broker Hidden Road in 2025 aims to use RLUSD as collateral, expanding its institutional infrastructure.
Why Choose Shares Over Holding XRP Directly
For corporate treasuries, investing via shares offers simplicity and security.
Managing individual crypto tokens requires setting up wallets, custodians, policies, and staff training. In contrast, buying publicly listed shares that mirror XRP exposure simplifies compliance and operational burdens. These shares are traded during market hours, with transparent audits and regulatory oversight.
Evernorth plans to actively manage its holdings, increasing “XRP per share” through open market purchases and strategies like institutional lending and yield farming in DeFi protocols. This creates an exposure vehicle that fits seamlessly into traditional financial controls.
This provides companies with a straightforward method to participate in the Ripple ecosystem without the need for in-house crypto infrastructure.
Did you know? Existing corporate crypto treasuries are predominantly Bitcoin-focused, with public companies collectively holding tens of billions of dollars’ worth of BTC, led by firms like Strategy.
The Mechanics: Policy, Yield, Custody and Disclosure
Here’s how Evernorth envisions its operations if the deal completes.
How the Buying Works
Most funds will be used to purchase XRP on open markets. Post-merger, the company expects to be listed on Nasdaq under XRPN, subjecting its treasury operations to SEC reporting standards.
How It Aims to Generate Yield
Beyond holding XRP, Evernorth plans to actively grow its stash through strategies such as validator participation and using Ripple’s RLUSD stablecoin for XRP on-ramping. These methods are subject to market conditions and successful deal completion.
Governance and Independence
Birla will resign from Ripple’s board, becoming Evernorth’s CEO, with Ripple remaining a strategic investor. Ripple executives are expected to serve as advisers, aiding ecosystem alignment while allowing Evernorth’s operational independence. Details on governance structure and compliance will be outlined in filings.
The Big Question: Can Over $1 Billion in Purchases Move XRP?
While $1 billion is significant, it’s modest relative to XRP’s daily trading volume of around $3.2 billion.
Market liquidity has improved, with recent data showing around $116 million in orders within 1% of market price. Consistent buying can tighten spreads and deepen liquidity, making large purchase blocks more manageable without causing dramatic price swings.
Successful listing and large-scale purchases might allow the stock to act as an “XRP proxy,” potentially amplifying market demand and creating a feedback loop for further capital raises, especially if demand from ETFs and index funds grows.
Increased institutional demand could also strengthen XRP’s market structure, with indexes including XRP performing well in recent years, which could further support Evernorth’s strategy.
Did you know? XRP’s total supply was fixed at 100 billion when launched in 2012, and the network does not rely on mining, ensuring a predictable supply.
What to Watch Between Now and Closing
From regulatory filings to funding details and operational milestones, the upcoming months will reveal how well Evernorth prepares to scale its XRP strategy into the public markets. Here’s what to monitor.
Regulatory Steps: Expect filings like SEC Form S-4, followed by shareholder votes and closing conditions, aiming for a Q1 2026 Nasdaq listing.
Funding Mechanics: The final proceeds depend on PIPE investments and shareholder redemptions. The target is over $1 billion, including $200 million from SBI and contributions from Ripple, Pantera, Kraken, and GSR.
Disclosure Policies: Anticipate detailed treasury management strategies, buy schedules, custody providers, and risk controls in regulatory filings.
Governance: Birla’s transition from Ripple to Evernorth’s CEO, with Ripple’s continued strategic involvement and advisory roles for executives, will define the company’s independence.
Post-Listing Monitoring: Early indicators such as the first XRP purchases and quarterly reports will reveal the effectiveness of Evernorth’s strategy in scaling its XRP holdings.
These signals will demonstrate whether Evernorth can successfully transform its plan into a sizable, public XRP treasury that could influence the crypto and traditional markets alike.